THE first phase of a #300m film studio and theme park project in South Wales, dubbed Valleywood, should be completed in September.

Outline planning consent for the ambitious project, which also includes plans for a theme park and film and television studio complex on a 317-acre site at Llanilid, near Pencoed, has been approved by Rhondda Cynon Taf Council.

Speaking to The Western Mail yesterday, the managing director of the company behind the scheme, Stuart Villard of Dragon International Studios, said the television studios, geared for drama production, should be completed in September.

The film studio element of the scheme, subject to full authority planning consent, is scheduled for completion next summer.

Mr Villard said, "We are able to start geo-technical on the work with immediate effect. Subject to full consent we envisage completing the television studio element in September."

Mr Villard said talks were still continuing with an interested party looking to invest in a theme park at the scheme, which promises to create 1,700 jobs when fully operational.

The project has been offered around #7m in regional selective assistance from the Welsh Assembly Government. The scheme is also being backed by Barclays Bank.

There had been speculation that the film and television studio element of the project could be housed in the unused South Korean-owned Hynix plant at Newport. However, that option has now been ruled out.

The project's funding will be supported by an adjacent business park, which includes plans for a hotel, conference centre and private hospital.